YouTube, which has been quietly talking to music studios for months, is poised to launch a streaming service this year according to Fortune. The report says the service will mimic Spotify by offering listeners a choice between an ad-supported model and a paid subscription version.

The arrival of the Youtube music venture has been rumored for a while and, when it comes, it will be the latest entrant into an evermore-Crowded digital music space. In addition to Spotify, there is also a variety of other Onlinemusic libraries like Pandora, Soundcloud and Vevo – a venture backed-by major studios that now uses YouTube as one of its distribution platforms. Apple is also rumored to be launching a streaming service.

For Musicians and rightholders, the arrival of Google-owned YouTube and its deep pockets could be good news. While the Music Industry has come to embrace digital distribution…